USC(SH:688403) 3 6 Ke·2025-10-22 00:56Core Insights - DJI unexpectedly launched a significant price reduction campaign, leading to public backlash from customers who recently purchased products at full price [1][3] - Insta360's founder, Liu Jingkang, humorously acknowledged the situation and offered compensation to DJI customers, effectively leveraging the moment for marketing [3][4] - The price war reflects underlying growth anxieties for both companies, as they face market saturation and seek new growth avenues [5][6] Company Strategies - DJI, characterized as a "steady giant," relies on its strong technological foundation, extensive patent portfolio, and supply chain advantages to maintain market leadership [10] - Insta360, representing a "bold newcomer," focuses on innovative user experiences and clever marketing strategies to differentiate itself in the competitive landscape [10] - Both companies are engaged in direct competition, with DJI entering the action and panoramic camera markets to challenge Insta360's core offerings [7][10] Market Dynamics - The global market for panoramic cameras is projected to reach 7.85 billion yuan by 2027, which poses a challenge for Insta360 as it seeks to justify its high valuation [6] - DJI's recent price cuts and product innovations are responses to geopolitical challenges and customer dissatisfaction with perceived product stagnation [7][10] - The competition between DJI and Insta360 highlights a broader issue within the smart hardware industry, where innovation is stalling and companies are increasingly competing on price [11] Industry Implications - The ongoing conflict between DJI and Insta360 may lead to a reshaping of the industry, with smaller companies lacking core technologies and brand identity potentially being pushed out [11] - The price war serves as a precursor to deeper competition in areas such as ecosystem development, AI integration, and user experience enhancement [11]